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election that year, then-texas governor george w. bush running against al gore pledged to give that money back to the taxpayers. >> we don't believe the surplus is the government's money. we know the surplus is the people's money and we're going to send some of that money back to the people who pay their bills. >> and send it back he did. when he became president, through temporary tax cuts in 2001 and 2003 known as the bush tax cuts. the first of those tax cuts were set to expire back in 2010 but the economy was still shaky back then, so vice president biden and senator mitch mcconnell struck a deal to extend them for two more years for everyone. now those tax cuts are set to expire again at the end of this year. it is part of the so-called fiscal cliff that economists are warning the u.s. could go over if congress doesn't deal with it. now, president obama says let's extend them for another year -- but -- and this is the key point, not for everyone, just for what he calls the middle class -- families earning less than $250,000 per year, or individuals earning less than $200,000. >> i be
, texas, maryland, the district of columbia. they would each lose more than 100,000 jobs. and if congress eventually addresses sequester saying if the lame duck session after november's election or early next year, it may be too late to avoid a round of job losses because the federal warren act requires businesses with more than 100 employees must notify workers 60 days in advance. that means since sequester takes effect on january 2, layoff notices would start coming out in the first week of november -- just in time for voters going to the polls. >> come over here and join us. one thing that ken says is probably deal with these things. but you're not sure they'll deal with them. and that's where the problem comes in. this warren act means some companies may have to lay people off. >> that's a frightening story that they actually have to start acting in november. there's an awfully good chance they won't figure out what to do until really the beginning of the year because we're going to need to see the election before they have any kind of big deal. and then they're going to want to have
Search Results 0 to 7 of about 8 (some duplicates have been removed)